Nokia applauds the successful auction of Telsim’s assets
December 13, 2005, Espoo/Finland - Nokia has noted with satisfaction the successful completion of the Turkish government’s auction of Telsim’s assets to Vodafone.
As previously agreed with Telsim and the Turkish Savings and Deposit Insurance Fund (TMSF), which currently controls and manages Telsim’s assets, Nokia will receive a settlement payment upon completion of the sale. Nokia’s share is 7.5 % of the purchase price, which is expected to be received during the first two months of 2006.
“We are extremely pleased with this positive outcome and a satisfactory resolution of our claim against Telsim,” says Rick Simonson, Chief Financial Officer, Nokia. “TMSF has done a tremendous job in carrying out the auction in an effective and successful fashion, and for that hard work we’re grateful. We are also happy to congratulate Vodafone on its successful bid. Vodafone will be helping to shape the future landscape of communications in Turkey.”
Nokia’s claims in this matter arose from Telsim’s default on its repayment obligations under a loan facility related to network equipment delivered in 2000. In February 2004, the Arbitral Tribunal in Zurich fully approved the claim against the Turkish company.
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